Innovation Endeavors co-founders Eric Schmidt and Dror Berman announced a new fund called Innovation Endeavors III in a blog post on Tuesday. The $333-million fund will invest in “visionary founders, transformational technology, and emergent ecosystems,” the blog post read.
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The firm also announced the promotion of Harpinder Singh to partner. Mr. Singh joined the firm in 2010 as a part-time venture partner. Mr. Singh is the co-founder of Slice Technologies and FiberTower.
In May, Innovation Endeavors reported in a filing with the U.S. Securities and Exchange Commission that it had raised $333.5 million from 64 investors towards the new fund. The firm originally aimed to raise $300 million. The new fund secured its first commitment in October 2017.
The firm’s first two funds were financed solely by Mr. Schmidt.
Launched in 2010, Innovation Endeavors' portfolio companies include Uber, content distribution company Taboola Inc., marketing startup Yotpo Ltd., and Planet Labs, Inc., which operates the largest fleet of commercial Earth-imaging satellites in orbit. The firm now manages $1 billion. Innovation Endeavors is lead by Scott Brady, Rick Scanlon, and Israelis Dror Berman and Daniel Goldstein, with Mr. Schmidt as non-managing member and cornerstone investor for Fund III.
Last month, a spokeswoman for Innovation Endeavors announced partner Ziv Kop has departed the firm. Mr. Kop is the third partner to leave in the last year, following the October 2017 departure of Liat Aaronson and founding partner Yuval Shachar.